Tag Archive for: stiles

Stiles Launches New Mixed-Use Development

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Stiles has launched construction of a new mixed-use development with numerous “green” features at the southern gateway to Plantation’s Midtown District – a positive step for Broward’s real estate market.

Stiles is developing the residential component of the project, a new luxury apartment community to be called “One Plantation,” in a joint venture with Prudential Real Estate Investors (PREI). Independently, Stiles owns and is redeveloping the commercial retail component, the adjacent University Shoppes. Located at the northwest quadrant of University Drive and I-595, this mixed-use project will add dimension to the Midtown area’s emerging live-work lifestyle.

Drivers along I-595 can see a sign of economic progress — Stiles Construction’s crane rising in the air.  Stiles President Doug Eagon estimates an average of 225 construction workers will work at the jobsite each month.  Completion of the residential community is expected by June 2013, and the approximate completion date for the retail center’s redevelopment is early 2014.

“We foresee continuing, strong demand for amenity-rich rental residences just steps away from shopping, dining, services and entertainment,” said Eagon. “A Stiles partnership acquired the site several years ago, recognizing its potential as a cornerstone location in the City of Plantation’s vision for Midtown.  We’re pleased to partner with PREI on this venture.”  The partnership has obtained $40.6 million in construction financing from PNC Bank.

The residential component, “One Plantation,” will be a gated apartment community on a 5.5-acre site, with two 12-story towers offering a total of 321 residences.  Stiles Construction is building the residential complex, which is one of Broward County’s first multifamily rental communities designed to achieve Leadership in Energy and Environmental Design (LEED) certification from the U.S. Green Building Council. There will be one-, two- and three-bedroom residences, as well as a 15,600-square-foot clubhouse and a residential parking garage.

While this will be Stiles’ first “green” multifamily residential development, the Fort Lauderdale-based, full-service real estate company has an ongoing commitment to sustainability in all its projects and every aspect of its operations, Eagon said.  The award-winning firm has been responsible for environmental “firsts” such as creating Broward County’s first LEED Silver-certified multi-tenant office building, and it has developed, constructed or played a key consulting role in 16 South Florida LEED projects.

“PREI shares our commitment to sustainability for this new community,” Eagon added.  “We’ve incorporated ‘green’ features that will bring residents energy savings, while reducing the community’s operating costs and enhancing the ultimate value of the property.”

Cohen Freedman Encinosa architects designed the multifamily complex with convenient features such as walk-up access to the ground floor units.

Clubhouse amenities include a pool, spa, California kitchen, firepit, children’s tot lot, 4000-square-foot fitness center, and entertainment area with game rooms, movie theater and lounge. The three-story clubhouse’s roof-top sundeck will create an open-air fourth floor.

A four-story parking garage will connect to the clubhouse and serve residents in both tower buildings.  It will feature a roof-top court for tennis and basketball.

The mixed-use development’s commercial component will reconfigure and renovate the existing University Shoppes retail and office center, to create a more appealing customer environment with easier access and improved traffic flow.  Stiles Architectural Group designed the 65,000-square-foot renovation on a 9.5-acre site just north of the new apartment community.

The popular commercial center will remain in operation throughout the phased renovation and reconstruction period, according to Eagon.  Tenants include McDonald’s, which will move to a new building within the center, plus Goodyear, FedEx, and International House of Pancakes (IHOP). Construction of the multi-phase retail renovation is expected to begin later this spring, and Stiles Realty is targeting additional local, regional and national tenants.

Stiles Realty Launches Search For Its Next President

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A regional search is underway for Stiles Realty’s next leader, according to Stiles Chairman and CEO Terry Stiles.

“After 27 years heading our Realty operations, Tom Kates informed us he wants to shed his executive responsibilities and focus on what he loves doing – the transactional side of the business,” Stiles said.  “He’ll help us find Stiles Realty’s next President and take some time off for himself, then return here to concentrate on negotiating major transactions.  Tom’s legacy sets the bar high.”

Kates led Stiles Realty’s expansion as a premier commercial real estate brokerage firm from Miami-Dade throughPalm Beach counties.  The Stiles organization’s strategic plan calls for continued dynamic growth of its third-party brokerage business, Stiles added.

For the right top executive, this is an outstanding opportunity to be a key player in one of Florida’s largest, most respected private real estate development firms – and one of the state’s few full-service commercial real estate companies.

Kates assured us that while he may briefly be out of sight, he intends to continue interacting with friends and colleagues in the brokerage community. His message to brokers: “I’ve already had a great run, Stiles is a great company, and I’ll be back and eager to work with you on future opportunities”

Stiles’ Managed Office Towers Win Building of the Year Awards

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Three office towers managed by Stiles in the Las Olas corridor of downtown Fort Lauderdale won the Outstanding Building of the Year (TOBY) Award from the Building Owners and Managers Association (BOMA) Fort Lauderdale/Palm Beach.

One tower in particular also placed in the top five percent in the 2011 U.S. Environmental Protection Agency’s (EPA) National ENERGY STAR® competition – the national mark of excellence in energy performance – by meeting stringent EPA guidelines.

These recognitions are a tribute to the cost-saving sustainability program of Stiles Property Management, the third largest Property Management firm in South Florida. According to Stiles Property Management President Chris Rotolo, Stiles’ sustainability program has shown to reduce operating expenses by approximately ten percent compared to similar buildings.

350 and 450 Las Olas Centre – Owned by USAA Real Estate Company and led by Senior Property Manager Kim Burns, this is the first TOBY this building has won in over ten years. Awarded in the category of Outstanding Buildings between 250,000-499,999 square feet, all facets of a building’s operations are thoroughly evaluated, including site management, sustainable policies and practices and community involvement. Located at 350 and 450 East Las Olas Boulevard, the 18 and 14-story tower buildings, totaling 259,607 square feet and 209,746 square feet, respectively, share street-level retail and parking space on prestigious Las Olas Boulevard. The combined property is leased primarily to office tenants that include Huizenga Holdings, Wells Fargo and Bank of America.

In addition to the TOBY award, the 350 Las Olas Centre tower placed ninth out of 245 entrants in the 2011 National EPA ENERGY STAR® competition. The building reduced its energy usage by 19 percent over the course of the six-month competition from April 2011 to September 2011. ENERGY STAR was introduced by EPA in 1992 as a voluntary, market-based partnership to reduce greenhouse gas emissions through energy efficiency.  In an effort to reduce that building’s energy use Stiles implemented a computer-operated energy management system, electricity-reducing technologies and lighting retro-fits.

The AutoNation Building – A tribute to the Leadership in Energy and Environmental Design (LEED) certification it attained in early 2011, this building was awarded the coveted Earth Award by BOMA for meeting the criteria mentioned above along with an additional emphasis on sustainable policies and practices. The judges consider specific environmental policies including but not limited to recycling, energy and water conservation, indoor air quality and green cleaning, as well as emergency response and tenant education. Located at 200 Southwest 1st Avenue, The AutoNation Building is the headquarters of auto retailing giant, AutoNation. It is a 17-story mixed-use Class A office building with more than 17,000 square feet of ground-level retail shops near Las Olas Riverfront and six levels of parking.

Achieving the Earth Award and placing top ten in the 2011 National Energy Star competition is the latest step in Stiles’ companywide commitment to investing, building and managing sustainable properties.  As one of the first property management firms in Florida to implement a fully-integrated sustainability program, Stiles maintains an extraordinary roster of 18 LEED projects ranging from new construction to existing building certifications. The company’s former headquarters building in downtown Fort Lauderdale—300 Las Olas Place—is Florida’s first existing multi-tenant office building to receive Gold-level LEED-EB certification.  In addition, Stiles developed, leases and manages Lake Shore Plaza II, Broward’s first multi-tenant office building to be Silver LEED certified.